Lifetime Hoan announces agreement regarding operation of Farberware retail outlet stores

Business Wire, July 1, 1997

WESTBURY, N.Y.--(BUSINESS WIRE)--July 1, 1997--Lifetime Hoan Corp. (NASDAQ: LCUT) today announced that it has entered into an agreement with Meyer Corp., effective July 1, 1997, regarding the operation of Lifetime Hoan Corp.'s Farberware(R) retail outlet stores.

Pursuant to the agreement, Lifetime Hoan will continue to own and operate the Farberware(R) retail outlet stores, which Lifetime Hoan acquired in 1996. Meyer Corp. the licensed manufacturer of Farberware(R) branded cookware products, will merchandise, stock and offer Farberware(R) cookware products for sale directly to the public in the Farberware(R) stores. Meyer Corp. will receive all revenue from sales of Farberware(R) cookware, and will reimburse Lifetime an amount equal to 62.5 percent of the expenses attributable to the stores.

In addition, Meyer will acquire all cookware inventory from Lifetime Hoan for an amount estimated to be $3 million. Lifetime Hoan will not recognize any gain or loss as a result of this transaction.

Milton L. Cohen, president, chairman and chief executive officer, stated, "We are pleased to enter into this relationship with Meyer Corporation, a company long recognized as a quality manufacturer of cookware. We expect this agreement will enable Lifetime Hoan to improve its operating results from the outlet stores."

The information herein contains certain forward-looking statements including statements concerning the company's future prospects. These statements involve risks and uncertainties, including risks relating to general economic and business conditions and risks relating to the company's operations, such as the risk of loss of major customers and risks relating to changes in demand for the company's products, as detailed from time to time in the company's filings with the Securities and Exchange Commission.

Lifetime Hoan Corp. is a leading designer, marketer, and distributor of household cutlery, kitchenware and cutting boards.

CONTACT: Lifetime Hoan Corp., Westbury

Fred Spivak, 516/683-6000

http://www.lifetime.hoan.com